Steelers owe St George $8.29 million

[drake]

It will be premiership #1. Any suggestion of it being #16 is an insult to 50% of the JV. That's what it is... a JV. The Dragons board is 50% from St.George and 50% from Illawarra. Yes, at the moment StGeorge provide more money... but there are plans for the Steelers to put in an equal amount in future... and we provide pretty much all of the juniors.

I've stuck up for the steelers side of things many times, and as a lifelong Dragons fan, sometimes it's a bit hard.
But blokes like you, and those tools who sit with the opposition in Sheelers jerseys are too much.
It's easy to reset the counter to zero when it started that way isn't it?
Your club was rooted, we offered you a lifeline. We could have got the juniors the same way the chooks do. The JV is going well, it's been the most successful of the three jvs created.
Thanks for giving Denis Freak more fuel.

 

[Man_of_Steel_1982]

As you all say, it is a JV. That means it's all new, the board being made up of 50% Illawarra and 50% St.George. That's a fact.

It is an insult to continue the club's history as being just St.George because it erases Illawarra's existence.

In fact, during Illawarra's run in the big time, both clubs achieved an equal result: St George won the National Panasonic Cup, while Illawarra won the Tooheys Challenge. If Illawarra were allowed in the comp the many times they tried, it could well of been us as the successfull rich ones (and with our own players as well). But that's beside the point...

We approached St.George with the proposal to merge, where you'd get the logo, jersey, name (dragons)... is it too much to ask that we aren't totally erased, officially?

As for being called a tool... all i did was state the facts, drake. You talk about guys in "Sheelers" jerseys being too much... what about people like me who support the Dragons even though they're running around in the Red V (which means nothing to me). Maybe those "tools" think that is a bit much to bear.

And this $8mil... it was a LOAN given to the Steelers club (from the Taj) to assist with it's expansions, with the long term goal of it becoming an equal financial provider. There are all sorts of plans for that end of town to become an entertainment precint and will be capitalised on through the loan as an investment that will in the long run, strengthen the Dragons.

As for spending that money to develop your own talent... then why didn't you? Because there simply arent enough players up there to develop. That money is a one off... a loan, and even though the Steelers contribute a smaller amount, its still better than St George having to pay the full fair every season as well as try and "develop" (buy) players.

It is a joint venture. You guys benefitted greatly from it. Just please don't try to erase us.

 

[Follow Me Up To Carlton]

It will be premiership #1. Any suggestion of it being #16 is an insult to 50% of the JV. That's what it is... a JV. The Dragons board is 50% from St.George and 50% from Illawarra. Yes, at the moment StGeorge provide more money... but there are plans for the Steelers to put in an equal amount in future... and we provide pretty much all of the juniors.

I've stuck up for the steelers side of things many times, and as a lifelong Dragons fan, sometimes it's a bit hard.
But blokes like you, and those tools who sit with the opposition in Sheelers jerseys are too much.
It's easy to reset the counter to zero when it started that way isn't it?
Your club was rooted, we offered you a lifeline. We could have got the juniors the same way the chooks do. The JV is going well, it's been the most successful of the three jvs created.
Thanks for giving Denis Freak more fuel.

Well hello there.

Aren't you the same bloke that was dropping my name in the NRL forum? Pull your head in and stop using me as a debating point, especially in discussions that I've had nothing to do with.

 

[Anonymous]

Man_of_Steel_1982, perhaps it's best we just dissolve the JV. How do you feel about that?

 

[Man_of_Steel_1982]

Man_of_Steel_1982, perhaps it's best we just dissolve the JV. How do you feel about that?

That wouldn't be such a bad thing. JVs simply don't work out the way people think they should in theory.

I understand and totally respect you guys seeing things from a Red V perspective, just as i see things from a scarlet point of view.

I think just dissolve the JV, St George can have their history back and play as stand alone St.G at Kogarah, and Illawarra can play jersey flegg and eventually after the loan is paid back, consider re-entry by 2015!

Bob Millward admitted a few months ago they would of liked to be part of this 16th team expansion thing, but at the moment the money isnt there.

 

[Anonymous]

So what you're saying is that the Steelers would be battling to survive as a first grade team. Bob Millward said much the same thing in 1998.

 

[Man_of_Steel_1982]

So what you're saying is that the Steelers would be battling to survive as a first grade team. . Bob Millward said much the same thing in 1998.

I didnt say we'd return to first grade straight away. This time around they'd have a leagues club and time to prepareBut i think both clubs should be separate, even if it means more than a decade in the lower grades for the Steelers.

 

[Man_of_Steel_1982]

Also, not having Mr Millward around might bring a much needed breath of fresh air into the place.

 

[Southernsaint]

So what you're saying is that the Steelers would be battling to survive as a first grade team. . Bob Millward said much the same thing in 1998.

I didnt say we'd return to first grade straight away. This time around they'd have a leagues club and time to prepareBut i think both clubs should be separate, even if it means more than a decade in the lower grades for the Steelers.

St. George have a registered, secure mortgage over the Steelers Club, an asset which is valued at approximately 16 million dollars. If Illawarra are unable to meet their financial commitments in the future, St. George could sell or take full possession of the Steelers’ Club.

http://www.r2k.info/news/index.html

Cheers,
Ben S.

 

[Anonymous]

So what you're saying is that the Steelers would be battling to survive as a first grade team. . Bob Millward said much the same thing in 1998.

I didnt say we'd return to first grade straight away. This time around they'd have a leagues club and time to prepareBut i think both clubs should be separate, even if it means more than a decade in the lower grades for the Steelers.

Well I admit that I'm warming to idea myself.

If the JV did dissolve, I just think it would be a real battle for the Steelers while St George would contnue. Illawarra might simply turn into a feeder club/district for Saints while the Steelers get back on their feet. Speculation ofcourse. How would you react to that scenario?

 

[Man_of_Steel_1982]

If it meant the Steelers in Premier league (feeding into St.George) as long as their charter was to eventually attempt re-entry, I'd be happy with it. Then I'd be able to go to WIN each fortnight and watch the Steelers play PL. And St.George would have their history back and play where they belong.

We both deserve our teams in one form or another, not second best (JV).

 

[Surely]

They may well become a junior breeding ground for the Sharks, now that'd be ironic !

You guys could then have Newtown

 

[Anonymous]

The Illawarra Sharks. Who would fund who?

 

[Man_of_Steel_1982]

So what you're saying is that the Steelers would be battling to survive as a first grade team. . Bob Millward said much the same thing in 1998.

I didnt say we'd return to first grade straight away. This time around they'd have a leagues club and time to prepareBut i think both clubs should be separate, even if it means more than a decade in the lower grades for the Steelers.

St. George have a registered, secure mortgage over the Steelers Club, an asset which is valued at approximately 16 million dollars. If Illawarra are unable to meet their financial commitments in the future, St. George could sell or take full possession of the Steelers’ Club.

http://www.r2k.info/news/index.html

Cheers,
Ben S.

That means if the Steelers Club can no longer operate and make the loan repayments. Whether the joint venture is in place or not they can continue to pay back the loan (but this pokie tax could be trouble). Just like when you take out a mortage, if you fail to make re-payments the bank can seize it. Just a note: the Steelers Leagues Club is separate to the Illawarra District Football Club.
Dissolving the Joint Venture wouldn't mean St.George could seize the Steelers Club... only if they can't pay them back. Withdrawing from the Joint Venture would actually save them money and be able to speed up the repayments.

 

[Man_of_Steel_1982]

They may well become a junior breeding ground for the Sharks, now that'd be ironic !

You guys could then have Newtown

We mightn't wanna associate with you guys :lol:

Cronulla did express interest in talking with Illawarra in mid 1998 but Milward said "Our prefered partner is St.George". ;-)

 

[Surely]

They may well become a junior breeding ground for the Sharks, now that'd be ironic !

You guys could then have Newtown

Rupert Murdoch

 

[Anonymous]

Dissolving the Joint Venture wouldn't mean St.George could seize the Steelers Club... only if they can't pay them back. Withdrawing from the Joint Venture would actually save them money and be able to speed up the repayments.

How?

 

[Anonymous]

MOS1982, I noticed you started a new thread so I assuming you got a shot of my last question. If not, accept my aplogies for making the assumption.

But again,

You say by withdrawing from the Joint Venture, Illawarra would actually save money and be able to speed up the repayments.

Could you expand on this please?

 

[Man_of_Steel_1982]

MOS1982, I noticed you started a new thread so I assuming you got a shot of my last question. If not, accept my aplogies for making the assumption.

But again,

You say by withdrawing from the Joint Venture, Illawarra would actually save money and be able to speed up the repayments.

Could you expand on this please?

sorry, I started the new thread before i saw this...

Basically, the Steelers Leagues Club now contributes over a million dollars towards to JV (St.George - over $3mil). In previous seasons (before 2003) it was only $500,000. It's gone up due to them starting to see benefits from the recent renovations (thanks to the loan) and good management.
Basically, if they don't have to put this money into the JV, they will free up some of this spending, and after redirecting it to setting up the Premier League team, they could potentially be in a position to increase the rate of the Loan repayments.

Even if they end up spending the same, they'd be in no worse position.

 

[Anonymous]

MOS1982, I noticed you started a new thread so I assuming you got a shot of my last question. If not, accept my aplogies for making the assumption.

But again,

You say by withdrawing from the Joint Venture, Illawarra would actually save money and be able to speed up the repayments.

Could you expand on this please?

sorry, I started the new thread before i saw this...

Basically, the Steelers Leagues Club now contributes over a million dollars towards to JV (St.George - over $3mil). In previous seasons (before 2003) it was only $500,000. It's gone up due to them starting to see benefits from the recent renovations (thanks to the loan) and good management.
Basically, if they don't have to put this money into the JV, they will free up some of this spending, and after redirecting it to setting up the Premier League team, they could potentially be in a position to increase the rate of the Loan repayments.

How much would the base costs be for a stand alone Steelers Premier League?

Wouldn't it be more than $1 million p.a.?

You've now used the word 'potentially' when before you seemed more certain.

I would suggest that a PL side and junior development and other base costs would be more than $1 million per season.

Does anyone know how much it costs to run a PL team and football club?

Even if they end up spending the same, they'd be in no worse position.

Excuse me for stating the obvious, but that would mean the loan would not be paid off any quicker at all.